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2013 (5) TMI 388 - HC - Income TaxReopening of assessment – Validity of notice issued u/s 148 - Escaped Income – As per revenue there are two reasons (i) question of the interest income as assessee company advanced a loan to society which earned interest on the special fund but did not disclose it in its return as the money belonged to Assessee Company (ii) that the petitioner had claimed expenses as ‘revenue expenses’ which were actually of a ‘capital’ nature. Held that:- Following the decision of Wel Intertrade Private Ltd [2008 (8) TMI 18 - HIGH COURT DELHI] we had agreed with the view taken by the Punjab & Haryana High Court in the case of Duli Chand Singhania [2003 (12) TMI 23 - PUNJAB AND HARYANA High Court] that, in the absence of an allegation in the reasons recorded that the escapement of income had occurred by reason of failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment, any action taken by the Assessing officer under Section 147 beyond the four year period would be wholly without jurisdiction. In the present case also, there is no whisper in the purported reasons of the petitioner having failed to disclose fully and truly all the material facts necessary for its assessment. Thus, the necessary ingredients of the provisions of Section 147 are not satisfied.
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